U.S. Debt Downgrade

So China has long since downgraded U.S. Debt. Then Egan-Jones took the plunge. Now Standard and Poor’s has arrived late to the downgrade party.

But what of Fitch and Moody’s? How will these firms explain themselves when they are finally dragged into the real world?

The truth: Nobody really cares. Traditional Rating Agencies hit the ethical skids as the sub-prime crisis unfolded and there is no going back.

The SEC disgraced itself, the U.S. Treasury started up the printing presses; auditors slipped into the criminal realm; banks and brokers traded against their clients; insurance companies signed lucrative deals they knew they would never honor.

It was the age of financial robbery and rape, and integrity went down the toilet.

All of the same players are with us today, and they’re all busy doing just exactly what they were doing when the house of cards collapsed in 2008.

Americans deliberately elected Mr. Clinton and Mister Obama. They chose to live in the fast lane. Unfortunately, the fast lane leads to a brick wall, so now the question is: Which liar do you prefer to believe?

If we’re lucky, S & P, Moody’s and Fitch will all slither into insolvency.